Purchasing rentals out of state-- pros/cons

[Ashley E.]

Hello and good morning everyone! I was wondering if you pros have any tips or experiences to share about purchasing property out of state for rentals.  What are the pros/cons... Stories (good, bad, and ugly)... And would you recommend it if the market around your demographic is not yielding as much progress as you had anticipated?

Also---if you purchase a rental property in another state, could those of you who have investments elsewhere explain the tax implications (very generally, of course)?

Thank you! 

[Jon Holdman]

@Ashley E. search for "turnkey rentals".  Lots of discussion about this topic and that search time should find them.

You will have to file state taxes in both the state where the rentals are (if it has income taxes) and in your home state.  You'll only pay income tax in each state on the income you earn in each.